4 major Australian banks projected to report a combined net profit of over A$10bn for Mar-19 half-year, despite sector profits decreasing by 1% to A$15.6bn.
Major Australian banks: NAB, Westpac, ANZ, and CBA, are expected to report a combined net profit of over A$10bn for the six months ending in March, facing pressures on profit margins. Sector's profits project to decrease by 1% to A$15.6bn, with a slower decline in profit margins, dropping at 3 basis points over the half. Customers moving into higher-interest deposit products are attributed to the slowdown.
April 28, 2024
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